Wall Street Zen Downgrades SPX Technologies (NYSE:SPXC) to Hold

Key Points

• SPX Technologies has been downgraded by Wall Street Zen from a "buy" to a "hold" rating, reflecting a cautious outlook on the stock.
• UBS Group and Oppenheimer have recently adjusted their price targets for SPX Technologies, suggesting potential for growth despite the downgrade.
• SPX Technologies has shown solid quarterly earnings growth, with a reported EPS of $1.65, exceeding analysts' expectations.

SPX Technologies (NYSE:SPXC - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Friday.

SPXC has been the subject of a number of other reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of SPX Technologies in a research note on Saturday, September 27th. UBS Group upped their price objective on shares of SPX Technologies from $182.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Oppenheimer upped their price objective on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $195.20.

SPX Technologies Trading Up 1.3%

Shares of NYSE SPXC traded up $2.40 during mid-day trading on Friday, reaching $190.13. The company had a trading volume of 312,359 shares, compared to its average volume of 283,388. The business's 50-day moving average is $188.92 and its 200-day moving average is $163.76. The company has a current ratio of 1.97, a quick ratio of 1.28 and a debt-to-equity ratio of 0.62. The stock has a market cap of $8.89 billion, a price-to-earnings ratio of 42.72, a price-to-earnings-growth ratio of 1.60 and a beta of 1.37. SPX Technologies has a 52 week low of $115.00 and a 52 week high of $209.38.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The firm had revenue of $552.40 million for the quarter, compared to analysts' expectations of $546.03 million. During the same period in the prior year, the business posted $1.42 earnings per share. The business's revenue for the quarter was up 10.2% on a year-over-year basis. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. Equities analysts expect that SPX Technologies will post 5.57 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. raised its position in shares of SPX Technologies by 22.3% in the 2nd quarter. Invesco Ltd. now owns 1,157,177 shares of the company's stock valued at $194,035,000 after purchasing an additional 210,682 shares during the last quarter. Geode Capital Management LLC raised its position in shares of SPX Technologies by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,086,522 shares of the company's stock valued at $182,211,000 after purchasing an additional 17,735 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in shares of SPX Technologies by 1.4% in the 1st quarter. Conestoga Capital Advisors LLC now owns 799,195 shares of the company's stock valued at $102,920,000 after purchasing an additional 11,400 shares during the last quarter. Nuveen LLC purchased a new position in shares of SPX Technologies in the 1st quarter valued at approximately $88,852,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of SPX Technologies by 2.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 650,803 shares of the company's stock valued at $109,127,000 after purchasing an additional 14,941 shares during the last quarter. 92.82% of the stock is owned by hedge funds and other institutional investors.

About SPX Technologies

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.

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